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Why Nike Stock Dropped on Friday

Good news: Nike is trying to turn itself around. Bad news: Nike really needs a turnaround.Shares of shoes and sportswear company Nike (NKE -2.49%) gained 1.4% on Thursday before turning tail and losing nearly twice that much Friday. As of 12:45 p.m. ET, the stock is down 2.7%.Believe it or not, both the gain and the loss may have the same cause. Converse's new CEO laces upAs Retail Dive reported yesterday, Nike has decided to release Jared Carver from his role of Converse CEO. In an internal memo, the compa ...